When to Update Your Estate Plan
The majority of adults in New Port Richey, and throughout Florida, should have an estate plan in place. These plans outline how you want your property distributed after your death, name a guardian for your minor children, and can even include your end-of-life wishes or name an agent to make decisions for you in the event that you are unable to make them for yourself.
Unfortunately, many people do not realize that drafting an estate plan should not have a ‘set it and forget it’ approach. Estate plans should be updated from time to time and if they are not, your final wishes may not be respected. Below, our New Port Richey estate planning lawyer explains when to update your plan.
Changes in Family Circumstances
As you move through life, your family circumstances will likely change dramatically. These changes will not only impact your life, but also your estate plan. Any time there is a change in the following family circumstances, it is time to review your estate plan and determine if you need to make changes to it.
- Your marital status changes: Whether you have gotten married recently, have gotten divorced, or have lost your spouse, it is an important time to review your estate plan. You may need to include your new partner, to ensure some of your legacy is left for them, or you may need to remove them from your current plan.
- Losses or additions to the family: Maybe you have recently welcomed a new child. Or, maybe one of your children has gotten a divorce and you need to exclude their spouse from your estate plan. Whatever the situation is, any time you gain or lose a family member, you should review and update your estate plan.
Changes in Finances
Just as your family circumstances may change at some point during your life, your finances may also change. You may sell some property while other assets grow in value. Either of these scenarios requires a thorough review of your estate plan. If you own property in another state, it may be subject to different laws. An estate plan can address this issue and make administering your estate simpler.
Changes in the Law
State and federal laws are always changing and these changes can impact your estate plan. Tax laws, in particular, can have significant ramifications for an estate plan. It is important to review your estate plan with an attorney at least every three years to determine if any legal changes impact your plan.
Call Our Estate Planning Lawyer in New Port Richey to Review Your Plan
If it is time to review your estate plan, or create one, our New Port Richey estate planning lawyer can help. At Messina Law Group, P.A., our experienced attorney can review your goals with you, create a plan that is right for you and your family, and review it on a regular basis to ensure it still reflects your final wishes. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to learn more about how we can help.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
